Microsoft has revealed today that it is working on a new technology that will boost the adoption of the blockchain by enterprises.
The multinational technology company said that it had created a system called the Coco Framework, which stands for Confidential Consortium. When implemented into blockchain networks it will solve privacy, speed and governance issues for commercial adoption, reports Reuters.
The CoCo platform is aiming to solve these issues through the introduction of a trusted execution environment (TEE) and advanced algorithms.
The idea is that you place your blockchain code in a trusted area, which is established through tools such as Intel’s Software Guard Extensions (SGX) or Windows Virtual Secure Mode (VSM), which then supports other compatible TEEs. This then creates a trusted network that agrees on the CoCo code and ledger, removing the need to perform a proof-of-work, thereby increasing the transaction speed.
In its prototype setup, Microsoft said that Coco and ethereum – one of the distributed ledgers to integrate with the framework – were able to handle up to 1,600 transactions per second. In comparison, Visa is able to process 24,000 transactions in the same time.
Mark Russinovich, chief technology officer of Azure, Microsoft’s cloud computing division, said:
We expect this to be the foundation for blockchain for enterprise. We think blockchain is going to potentially transform every industry.
CoCo will be ready and made open source by 2018.
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